Agenda Item # 11.a.
City Commission Regular Meeting
- Meeting Date:
- 02/18/2014
- Re
- City of Fort Pierce Pension System Changes
- Submitted For:
- Gloria Johnson
SUBJECT:
Presentation of Actuarial Impact Statement by the Finance Director.
SUMMARY:
The City Commission directed Finance to have an actuarial study done to determine how amending benefits to the current defined benefit plan and adopting a proposed defined contribution plan would impact the system.
The study addressed the following changes: all new employees hired after a certain date having the option of either becoming a member of the Defined Benefit System or Defined Contribution System; the City contributing 10% of eligible wages towards members accounts for those that participate in the defined contribution plan; changing the multiplier from 3% to 2.5% for General and Utility Authority group members. It also outlines the potential contribution rate savings for the next 30 years based on the assumptions outlined in the report.
A representative from the City’s actuary, Gabriel Roeder Smith & Company will be in attendance to answer any questions.
The study addressed the following changes: all new employees hired after a certain date having the option of either becoming a member of the Defined Benefit System or Defined Contribution System; the City contributing 10% of eligible wages towards members accounts for those that participate in the defined contribution plan; changing the multiplier from 3% to 2.5% for General and Utility Authority group members. It also outlines the potential contribution rate savings for the next 30 years based on the assumptions outlined in the report.
A representative from the City’s actuary, Gabriel Roeder Smith & Company will be in attendance to answer any questions.
RECOMMENDATION:
None
ALTERNATIVES:
None
RESPONSIBLE STAFF:
Finance Director & Chief Accountant
COORDINATED WITH:
Finance Department
Fiscal Impact
- Budgeted Y/N:
- Fiscal Year:
- Account:
- Amount:
OTHER INFORMATION:
No fiscal impact.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Finance Department (Originator) | Johnna Morris | 02/06/2014 06:41 PM |
| Finance Department (Originator) | gjohnson | 02/06/2014 08:10 PM |
| City Manager | rbradshaw | 02/07/2014 11:17 AM |
- Form Started By:
- Johnna Morris
- Started On:
- 02/06/2014 10:29 AM
- Final Approval Date:
- 02/07/2014